CBRE Advises on Sale of 251,314 Square Foot Infill Industrial Building in Raleigh, NC

Raleigh, NC – May 16, 2022 – CBRE advised on the sale of a 251,314-square-foot multi-tenant industrial building in Raleigh, NC, to Pennybacker Capital.

Grayson Hawkins, Chandler Hawkins, Patrick Gildea, and Matt Smith of CBRE advised on the transaction. New Market Strategies is the seller. Pennybacker Capital is the buyer.

Located at 3200 Bush Street on a 20-acre site, the property is positioned just north of Interstate 440 near the booming North Hills district. Currently fully leased, tenants include an e-commerce user, building material suppliers, and a regional community college, which hosts a variety of programs and is equipped with state-of-the-art mechatronics and robotics equipment.

“There is confidence among investors in the future performance of infill industrial properties, especially in markets like Raleigh-Durham, where the long-term growth trajectory is strong,” said Hawkins, Vice President at CBRE. “The property fits within a unique niche, offering a combination of build-out spacend warehouse, convenient regional access, and proximity within several miles of some of North Carolina’s most exciting, high-density developments.”

Hawkins added, “The area on either side of Interstate 440 spanning from Six Forks Road to Capital Boulevard has seen a wave of high-density development and increased demand among both office and industrial occupiers. Several nearby multifamily projects are also underway.”

CBRE|Raleigh is a CBRE office serving the Triangle region and is a joint venture between local principals and CBRE Group, Inc. The firm assists real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting. In 2021, the Raleigh office completed $3.3 billion of sales and leasing transactions. Please visit our website at www.cbre.us/raleigh.